• Avoid Common Pitfalls of Retirement Plan Compliance with IRS Regulations

    by  • February 12, 2013 • 0 Comments

    Just as having an outside expert prepare your company’s tax return doesn’t get you off the hook if you have problems with your financial systems, using professional retirement plan administrators and investment advisers doesn’t absolve you of responsibility for complying with IRS regulations. Where retirement plan problems typically crop up, according to Monika Templeman, IRS Director...

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    IRS News: Audits and Home Office Deductions

    by  • February 12, 2013 • 0 Comments

    The IRS Is Conducting Fewer Individual Audits — But Examining More Businesses The IRS just released data showing that overall audits were down in fiscal 2012 to 1.03 percent of all tax returns filed, as compared with 1.11 percent the previous year. However, audits of all types of businesses went up. Here are some highlights...

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    Fiscal Cliff Resolution Summary

    by  • January 2, 2013 • 1 Comment

    After much back and forth negotiations—fraught with the possibility of a deadlock and failure—the terms of a fiscal cliff resolution have finally been successfully negotiated. Early on Jan. 1, 2013, the Senate by a vote of 89 to 8 approved H.R. 8, “the American Taxpayer Relief Act.” Late the same day, the House of...

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    New IRS Tax Compliance Program Targeting Businesses Accepting Third-Party Payments

    by  • December 19, 2012 • 0 Comments

    In an effort to help close the “tax gap,” the IRS has launched a new compliance program targeting the underreporting of income by business taxpayers that receive Form 1099-K information returns from credit card companies and third-party transaction networks. On its website, the IRS stated the program would involve letters and notices going out to...

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    Business Interruption Insurance Claims May Require Financial and Legal Assistance

    by  • November 19, 2012 • 0 Comments

    When disasters such as Hurricane Sandy occur, a need for a forensic accountant and an attorney can arise. Although many of the insurance claims that result from such a storm are relatively straight forward, policy claims for business interruption insurance may require detailed proof of the losses. Insurance basics: Most insurance claims involve determining what costs...

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    Tax Implications of Disaster-Related Casualty Loss

    by  • November 19, 2012 • 0 Comments

    Every year, disasters in the U.S. cause billions of dollars in property damage. Hurricane Sandy is the latest well-known example. In addition to dozens of lives lost in several states, New York City alone may have suffered more than $30 billion in property damage. Disasters also have tax implications. Here’s a quick summary of what...

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